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Bitcoin is plummeting: are crypto whales getting out of position?
Bitcoin Expanded Its Fall In Early Tuesday, Falling Below Last Week's Lows Of Around $ 62K
Nov 16, 2021
1 min read
Anna BakkerNews analyzer

In less than a day, the first cryptocurrency lost more than $ 4,000 after failing to surpass $ 66,300.

CryptoQuant has discovered giant OTC bitcoin transfers.

The head of CryptoQuant think tank Ki Yong Joo tweeted that the network has recorded the largest Bitcoin OTC moves since the 2017 rally, beincrypto writes.

The average transaction amount has grown by about 5 times. What exactly means such an increase in activity and where the coins are transferred, the head of CryptoQuant did not elaborate.

According to the Chinese crypto journalist and analyst Willie Wu, three factors are currently holding back the growth of bitcoin, RBC writes.

First, it is the high speculative activity of players: too many positions are opened for speculative purposes.

Another factor is the launch of the first U.S. Exchange Traded Fund (ETF) based on bitcoin futures. Now, most institutional investors choose to buy fund stocks and futures over bitcoin itself.

And finally, the third factor is the overly optimistic sentiment of investors who are confident in the further growth of bitcoin and the entire cryptocurrency market.

Bitcoin will “easily” reach $ 500,000, says SkyBridge Capital founder Anthony Scaramucci. This will be facilitated by the limited emission of the first cryptocurrency (21 million), which will not allow each of the 49 million millionaires in the world to have at least one coin.

Scaramucci called digital gold a hedge against inflation and said that the current price level is still an early opportunity to enter the asset.

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